FRA’s Board approves new amendments to listing and delisting rules, where the statute of the listed companies shall include the cumulative voting system and the proportional representation mechanism. Also, the new amendments state that shareholders shall send their inquiries by e-mail before holding the General Assembly meetings.
The Board also approved the inclusion of cumulative voting and proportional representation mechanisms in the statutes of the companies which are licensed by the Authority to practice one of the activities in the field of non-banking financial services.
These new amendments are part of a series of amendments aimed at applying best practices of good governance and protecting the rights of minorities in the listed companies engaged in non-banking financial activities. The Authority will issue explanatory books in order to apply the mentioned mechanisms respectively.